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Understanding Business, 6/e
William G. Nickels
James M. McHugh
Susan M. McHugh
Chapter 14: Developing and Pricing Products and Services
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Learning Objectives
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After you have read and studied this chapter, you should be able to:
- Explain the concept of a value package.
- Describe the various kinds of consumer and industrial goods.
- List and describe the six functions of packaging.
- Give examples of a brand, a brand name, and a trademark, and explain the concepts of brand equity and loyalty.
- Explain the role of brand managers and the six steps of the new-product development process.
- Identify and describe the stages of the product life cycle, and describe marketing strategies at each stage.
- Give examples of various pricing objectives and strategies.
- Explain why nonpricing strategies are growing in importance.
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